The Evil Empire once again decided to use the thinly-traded Globex as their playground this afternoon. That they are now regularly using this domain as their primary manipulative arena says a lot about the overall strength of the silver and gold "markets". Bids during the regular hours Comex session are simply too strong for Blythe and her monkeys to overwhelm. They must now resort to using their dirty tricks on the Globex, when few are around to stop them. Rejoice! This is a sure sign that we are winning!
First, take a look at today's Globex action and then we'll discuss it below:
Here's the thing you must understand. The Morgue doesn't institute these attacks just to piss you off and they're not doing it to paint the tape...at least not in this particular situation. What was done today was what I call "price clipping". Silver reached $35 today and was still well-bid. With the continued supply shortages and with events in the Middle East boiling over, the metals will most certainly continue to rise. The purpose of today's raid was to trim price and it worked to the tune of $0.65. As we head into tomorrow, price is a full 65 cents lower than it would have been without the raid. You may think, "what's the big deal its only 65 cents?". No, it is a big deal. Taken in total with last Thursday's raid (which was executed for the same reason), Blythe has been able to clip over $2 from the price of silver by raiding the Globex. Without those two raids, silver would be over $36 right now instead of 34.50. Do you see now why it is a big deal? And what about all of the other, countless raids over the past couple of years. How many dollars have been cumulatively clipped out? Thirty? Fifty?
So, once again, the moral of the story is DON'T GET FREAKED OUT. Blythe will always raid. Its what she does. But when the metals are this well-bid and the fundos this freaking strong, all you need to do is buy the f-ing dip and smile. You might send her a little thank you note, too.
I'll have more for you later this evening. TF